Lease Obligations

6 Months Ended

Jun. 30, 2026

9. Lease Obligations

The following table presents certain information related to the costs for leases where the Company is the lessee:


	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands)	2026			2025			2026			2025
Operating lease cost	$	31,091		$	29,423		$	62,114		$	58,776
Finance lease cost:
Amortization of finance lease assets		2,740			2,717			5,458			5,308
Interest on finance lease liabilities		2,058			2,240			4,104			4,422
Short-term lease cost		275			275			535			583
Variable lease cost		6,643			5,155			12,763			11,859
Sublease income		(1,084)			(882)			(2,192)			(1,728)
Net lease costs	$	41,723		$	38,928		$	82,782		$	79,220

As of June 30, 2026, December 31, 2025, and June 30, 2025, finance lease assets of $112.3 million, $113.7 million, and $127.5 million, respectively, were included in property and equipment, net in the accompanying condensed consolidated balance sheets.

The following table presents supplemental cash flow information related to leases:


	Six Months Ended June 30,
($ in thousands)	2026			2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	63,704		$	40,833
Operating cash flows for finance leases		4,104			4,422
Financing cash flows for finance leases		3,745			3,637
Lease assets obtained in exchange for lease liabilities:
New, remeasured and terminated operating leases		32,151			6,329
New, remeasured and terminated finance leases		4,011			12,768

During the six months ended June 30, 2026 and 2025, the Company entered into sale-leaseback transactions for three and one properties, respectively, associated with store locations in the RV and Outdoor Retail segment, and received consideration of $11.0 million and $3.5 million of cash, respectively. The Company recorded a loss of $0.6 million for the six months ended June 30, 2026 that was included in loss (gain) on sale or disposal of assets in the condensed consolidated statements of operations. No gain or loss was recorded for the six months ended June 30, 2025. In 2026, the Company entered into a 19-year lease agreement as the lessee with the buyer for two of the properties, and a 12.5-year lease agreement as the lessee with the buyer for one of the properties. In 2025, the Company entered into a 19-year lease agreement as the lessee with the buyer of the property.